S&P 500 extends best month since 2011 as Treasuries reverse drop

Comcast, Facebook

Consumer, financial and industrial companies helped lead gains among eight of the 10 main industry groups in the S&P 500. Comcast Corp. climbed 5.4% after posting earnings that topped analyst estimates. Facebook Inc. briefly rose above its $38 initial public offering price for the first time since its debut trading day, before retreating.

Some 33 companies in the S&P 500 are releasing quarterly results today. Of those that have reported so far this season, 73% have topped analysts’ profit projections and 56% beat sales estimates, according to data compiled by Bloomberg.

Payroll data, to be released Aug. 2, will show employers added 185,000 workers in July, after increasing 195,000 in June, a separate survey shows. The jobless rate probably fell to 7.5% from 7.6%, according to economists’ projections.

Volumes

Trading volumes for S&P 500 companies were in-line with the 30-day average. The Stoxx Europe 600 Index advanced 5.1% in July, also the biggest rally since October 2011.

Anheuser-Busch InBev NV, the world’s biggest brewer, rose 6.9%, the most in more than three years, after second- quarter profit growth topped estimates as it improved sales in Brazil and sold higher-priced beers in the U.S. Eutelsat Communications SA slid 6.2% after agreeing to buy Satelites Mexicanos SA in a transaction valued at $1.14 billion including debt.

The MSCI Emerging Markets Index fell 0.6%, trimming this month’s advance to 0.9%. Benchmark gauges in Turkey, Malaysia and the Philippines slid more than 1.2%. The Shanghai Composite rose for a second day, gaining 0.2% after Chinese policy makers pledged to stabilize growth.

The S&P GSCI Index of 24 commodities rose 1%, reaching its highest level of the session after the Fed statement. Nickel, copper, lead and oil jumped at least 2% to lead gains. West Texas Intermediate crude oil is up 8.8% in July, headed for its biggest gain since August. Today’s rally followed data showing oil inventories at a major hub dropped to a 15-month low.

The Bloomberg U.S. Dollar Index, which tracks the greenback against 10 other major currencies, lost 0.2% after earlier climbing as much as 0.5%.

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